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2011 saab 9-5 Reviews and News

Now it’s India: Mahindra Reportedly Sniffs Around Saab’s Carcass

By
Alex Nishimoto
- 12/30/2011

While the bankruptcy curtain has finally fallen on Saab, the Swedish automaker’s saga continues, as Bloomberg reports that Indian car manufacturer Mahindra is interested in purchasing at least part of the brand and possibly the entire company. Seeing as Mahindra has its own fair share of troubles, namely its long-delayed entry into the U.S. market, the idea of the automaker purchasing anything -- let alone another car company -- seems like bad comedy.

Saab’s financial woes have only gotten worse over the past few weeks, as we last reported that the company didn’t have enough money to pay its employees late last month. Strapped for cash, the Swedish automaker sought to sell its property and lease it back in order to gain some liquidity. Now, Saab reports that that deal has just been approved by the EIB (European Investment Bank), the Swedish National Debt Office and the Swedish government. Although the deal is worth SEK 255 million (nearly $40 million U.S.) and will put a bit of cash in Saab’s pockets, the automaker says that the production halt will continue until August 9.

Saab may soon be partially relieved of its financial woes, as the company has signed a 136-million-Euro ($195-million) memorandum of understanding with Zhejiang Youngman Lotus Automobile Co., according to Reuters. That amount would grant Youngman an equity stake in Saab parent company Spyker, and should allow the Swedish automaker to keep the lights on at its Trollhattan plant – which shut down production once again this week. Just as with Saab’s other deals with Chinese companies, the partnership is contingent upon the Chinese government’s approval.

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